Cigna Corp. today completed its $54 billion acquisition of Express Scripts, a giant pharmacy benefits manager (PBM).
David Cordani, Cigna’s president, said the combined company will try to promote affordable, personalized, whole person health care, and that it will try to close gaps in care in its local communities.
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Cigna is celebrating the consummation of the Express Scripts deal by contributing $200 million to its foundation and community organizations, with $25 million going to a new Healthier Kids for Our Future program.
The Healthier Kids program will last for five years, and it will start in 2019 by working to eradicate childhood hunger and improve children’s nutrition, Cigna said.
The program will focus on addressing the well-being of children all around the world, the company said.
Targeting childhood hunger is way to “make a meaningful — and early — impact on the health and well-being of children and drive measurable outcomes in the communities where we live, work and play,” Cordani said in a statement.
Cigna said Tuesday, in a disclosure filed with the U.S. Securities and Exchange Commission, that it had now received regulatory approval for the $54 billion deal from the state of New Jersey.
“All required regulatory approvals now have been received,” Cigna said in the disclosure notice.
Cigna and Express Scripts announced their deal in March.
Cigna is based in Bloomfield, Connecticut, and now has about 74,000 employees. Express Scripts has been based in St. Louis.
Cigna noted in the “About Cigna” section of the press release announcing the deal closing that it has four operating subsidiaries with the word “insurance” in their names, and that it sells a variety of insurance products. The company did not mention health insurance or health plans anywhere else in the deal completion announcement. The announcement did not mention insurance agents or brokers.
— Read Justice Department Clears Cigna-Express Scripts Deal, on ThinkAdvisor.